Earlier, I wrote about the ten truths I gleaned from my crypto journey this year.
So I thought it would be fun to pose this question to fellow crypto enthusiasts in a personal finance site.
You can see that my post has generated quite a bit of response, so without further ado, let's get right to it!
1) Never leverage.
2) Nobody ever died from taking profits.
3) Crypto never sleeps and always improves, so don't fall prey to FOMO.
4) Good to remain ignorant of market movements if your original intention is to HODL.
5) If you don't know the crypto, don't touch it. DYOR.
6) Stay on top of crypto developments and get opinions from others.
7) But exercise the ability to stray away from what the majority is thinking.
8) You can hone your independent thinking by sticking to your technical analysis. Note that crypto has a short time frame compared to stocks due to the market being open 24/7 and increased volatility. Hence, you may be able to swing trade with stocks but prefer to scalp trade with crypto. Liquidation flows may be useful for your technical analysis in crypto.
9) Buy the freaking dips, but do check your war chest for the funds. No rainy day funds are to be used.
10) A hardware wallet will be your most important investment in crypto. Always transfer your coins/tokens to a cold wallet. Except maybe for those on the ETH network as gas prices are too high. Transfer only when gas is low and in batches.
and a bonus truth from someone who ended off his response with this:
Bonus: Bitcoin is here to stay whether you like it or not.
How about you? What are your takeaways from your crypto journey this year? Share them in the comments below.
